The global AI in medical coding market was valued at USD 2.06 billion in 2022 and is projected to reach USD 5.71 billion by 2030, growing at a CAGR of 13.7% from 2023 to 2030. Market growth is driven by increasing demand for efficient coding services, the adoption of standardized language to minimize insurance claim fraud, and the need to improve hospital billing and coding procedures.
The demand for medical coding services is rising sharply. For example, according to the American Hospital Association's (AHA) Hospital Statistics 2022, there were approximately 33,356,853 hospital admissions in the U.S., creating significant demand for medical billers and coders. This trend is expected to fuel growth in the AI-powered medical coding market as healthcare providers adopt technology to streamline processes and improve coding accuracy.
Key Market Trends & Insights
- North America held the largest revenue share of 31.8% in 2022.
- The Asia Pacific region is expected to witness strong growth, with a CAGR of 15.1% over the forecast period.
- By component, the outsourced segment accounted for the highest revenue share of 68% in 2022.
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Market Size & Forecast
- 2022 Market Size: USD 2.06 Billion
- 2030 Projected Market Size: USD 5.71 Billion
- CAGR (2023–2030): 13.7%
- North America: Largest market in 2022
Competitive Landscape
Key players in the AI in medical coding market are adopting strategies such as partnerships, collaborations, and mergers & acquisitions to strengthen their market position. Stakeholders are also introducing new products and services to expand their presence.
- May 2023: CodaMetrix launched its Autonomous Bedside Pro (ABP) medical coding solution in collaboration with Henry Ford Health. The ABP solution captures real-time clinical documentation, which is then analyzed by AI algorithms to generate accurate and compliant codes. This reduces coding backlogs, enhances efficiency, and eliminates the need for manual coding.
- March 2023: Clinion, a healthcare technology company, introduced an AI-powered medical coding solution for clinical trials. The solution leverages advanced AI algorithms to quickly analyze clinical trial data, extract relevant information, and assign appropriate codes, significantly reducing time and effort for medical coding tasks.
Key Players Include:
- IBM
- Fathom, Inc.
- Clinion
- BUDDI.AI
- CodaMetrix
- aidéo technologies, LLC
- Diagnoss
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Conclusion
The AI in medical coding market is poised for steady growth as healthcare providers increasingly adopt AI-driven solutions to improve accuracy, efficiency, and compliance in coding and billing processes. Innovations in real-time data capture, advanced AI algorithms, and automated coding workflows are expected to reduce manual effort, minimize errors, and enhance overall operational efficiency in healthcare organizations.
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